ASIC dismantles online fraud syndicate
The Australian Securities and Investments Commission (ASIC) has announced it brought to justice a 21-year-old woman from Melbourne in relation to an online fraud syndicate which resulted in alleged thefts from superannuation and share trading accounts.
The regulator, which was conducting investigations together with the Australian Federal Police (AFP), said the woman had worked as part of a syndicate which used fraudulently-obtained identities to commit large-scale online fraud such as alleged purchases from dark net marketplaces.
The investigation further uncovered at least 70 bank accounts which had been created with the help of fraudulently-obtained identities.
Also, ASIC and the AFP alleged the syndicate had committed cybercrime offences to illegally steal money from the superannuation accounts of these victims, and from their share-trading accounts in ASX-listed companies.
Further to this, the syndicate laundered the stolen funds through an overseas contact to purchase untraceable assets such as jewellery and it was believed the money was then transferred back to Australia through cryptocurrencies.
“The consequences of the breaches we have discovered are far-reaching, and can be traced back to cybercrime offences that impact everyday Australians,” AFP manager cyber crime operations, acting commander Chris Goldsmith, said.
“Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience,” added ASIC deputy chair, Daniel Crennan.
AUTHOR
Oksana Patron
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
